Mastering Private Equity. Prahl Michael
Чтение книги онлайн.
Читать онлайн книгу Mastering Private Equity - Prahl Michael страница
Claudia Zeisberger
Mastering Private Equity
Mastering Private Equity
TRANSFORMATION VIA VENTURE CAPITAL, MINORITY INVESTMENTS & BUYOUTS
Claudia Zeisberger
Michael Prahl
Bowen White
This edition first published 2017
© 2017 Claudia Zeisberger, Michael Prahl and Bowen White
Registered office
John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, United Kingdom
For details of our global editorial offices, for customer services and for information about how to apply for permission to reuse the copyright material in this book please see our website at www.wiley.com.
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by the UK Copyright, Designs and Patents Act 1988, without the prior permission of the publisher.
Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.
Designations used by companies to distinguish their products are often claimed as trademarks. All brand names and product names used in this book are trade names, service marks, trademarks or registered trademarks of their respective owners. The publisher is not associated with any product or vendor mentioned in this book.
Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. It is sold on the understanding that the publisher is not engaged in rendering professional services and neither the publisher nor the author shall be liable for damages arising herefrom. If professional advice or other expert assistance is required, the services of a competent professional should be sought.
Library of Congress Cataloging-in-Publication Data
Names: Zeisberger, Claudia, author. | Prahl, Michael, author. | White, Bowen, author.
Title: Mastering private equity: transformation via venture capital, minority investments
& buyouts / Claudia Zeisberger, Michael Prahl, Bowen White.
Description: Hoboken: Wiley, 2017. | Includes index. |
Identifiers: LCCN 2017013988 (print) | LCCN 2017014649 (ebook) | ISBN 9781119327943 (pdf) |
ISBN 9781119327981 (epub) | ISBN 9781119327974 (paperback) | ISBN 9781119327943 (ebk) |
ISBN 9781119327981 (ebk)
Subjects: LCSH: Private equity. | Venture capital. | Capital investments. |
Consolidation and merger of corporations. | BISAC: BUSINESS & ECONOMICS / Finance.
Classification: LCC HG4751 (ebook) | LCC HG4751 .Z42 2017 (print) | DDC
658.15/224 – dc23
LC record available at https://lccn.loc.gov/2017013988
ISBN 978-1-119-32797-4 (hardback) ISBN 978-1-119-32794-3 (epdf)
ISBN 978-1-119-32798-1 (epub)
Cover design: Wiley
Cover image: (c) jps/Shutterstock
LIST OF CONTRIBUTORS
Our distinguished Guest Authors made time to share their experiences and at times critical comments, thereby adding a practical perspective to our writing. We are grateful for their support and list them in order of appearance.
● A Look Back at the Last 45 Years
T. Bondurant French, Executive Chairman, Adams Street Partners (page 15)
● What Is a Venture Capitalist?
Brad Feld, Managing Director, Foundry Group (page 28)
● Creating Value Through Genuine Partnerships
J. Frank Brown, Managing Director and Chief Operating Officer, General Atlantic (page 35)
● A Differentiated Approach – Buying Right and Creating Value Early
Andrew Sillitoe, Co-CEO and a Partner in the Tech & Telco team, APAX Partners LLP (page 48)
● Distressed Investing: Why Europe is Different from the US
Karim Khairallah, Managing Director, European Principal Group, Oaktree Capital Management (UK) LLP (page 61)
● Hunting for Deals in Emerging Markets
Nicholas Bloy, Founding Partner, Navis Capital Partners (page 77)
● The Due Diligence “Conspiracy”
Richard Foyston, Founding Partner, Navis Capital Partners (page 81)
● Understanding Enterprise Value
Graham Oldroyd, Partner from 1990–2013, Bridgepoint Private Equity (page 92)
● Deal Pricing Dynamics Outside the Financial Model
Veronica Eng, Retired Founding Partner, Permira (page 101)
● The Art of Deal Structuring
Guy Hands, Chairman and Chief Investment Officer, Terra Firma (page 114)
● Deal Documentation – “Clean Exit” vs. Purchaser Protection
Heiner Braun, Partner, Freshfields Bruckhaus Deringer LLP (page 125)
● “Govern a family as you would cook a small fish – very gently”: About growth capital investments in family-owned SMEs in emerging markets
Idsert Boersma and Martin Steindl, FMO (page 143)
● What Makes a Great Private Equity CEO?
Tony